US palladium above $500; gold rises in thin trade

By IBT Staff Reporter On 04/05/10 AT 12:03 PM

NEW YORK, April 5 (Reuters) - U.S. palladium and platinum futures rose to their highest since 2008 on Monday on strong physical demand and better sentiment, and gold contracts hit a two-week high in thin post-holiday trade.

* For the latest detailed report, click on [GOL/].

GOLD

* COMEX June GCM0 up $2.40 at $1,128.50 an ounce at 11:08 a.m. EDT (1508 GMT). * Range $1,120.80 to $1,132.10 - loftiest since March 18. * U.K. and some European commodities markets shut on Monday and last Friday for the Easter holiday break. * A combination of Wall Street gains and broad-based commodities gains supporting gold - traders. * Optimistic U.S. March nonfarm payrolls report from last Friday fueled risk appetite, boosting asset classes across the board.

* COMEX gold 11 a.m. volume at a thin 46,669 lots. * Spot gold XAU= was at $1,128.30, compared with $1,124.50 late in New York's previous session. * No London precious metals fixes available due to holiday.

PLATINUM

* July PLN0 up $24.70, or 1.5 percent, at $1,700.30 an ounce on better investment demand amid economic optimism. * Auto demand recovery, supply concerns and favorable currencies trigger platinum group metals buying – William Rhind, strategic director of ETF Securities' U.S. unit. * Platinum group supported as U.S. auto sales jumped to a seven-month high in March led by a 41 percent surge at Toyota. [ID:nN01149542] * Spot platinum XPT= at $1,693.50 an ounce.

PALLADIUM

* June PAM0 up $11.25, or 2.3 percent, at $502.60 an ounce, on better outlook for global auto demand. * June contracts rises above $500 for first time since March 2008. * Volume was thin as metal markets in London and Europe are shut on Monday for the Easter holiday break * Spot palladium XPD= at $499.50 an ounce.